American soldiers coming home from World War II faced monumental challenges readjusting to society. It was common to give homecoming soldiers a cash bonus to help them in their civilian lives. But this changed in 1944, when the Serviceman's Readjustment Act of 1944, Public Law 78-346. In Title III of that Act, soldiers were offered a loan in order to purchase their own house. This was the first step of the Veterans' Administration or VA home loan program.

1944

The American government had two goals in starting the VA home loan program. The first was to save money, because all of those cash bonuses were costly and disappeared rapidly by soldiers wanting to party. The second goal was to give a returning soldier a fair chance at buying a home or repair a home they already owned. A soldier's pay - even an officer's - was not comparable to many other professions at the time.

Loans were not to exceed $2000 in entirely. The interest rate was capped at 4%. A veteran had 20 years to pay back the loan. All loan applications had to be approved by the VA. Unfortunately, this beginning program offered too little money for most American veterans. It also ensured that monthly payments were far too high for the average returning veteran to bear. It was soon clear that changes had to be made.

1945

House and Senate committees passed amendments to Title III in 1945. Now a veteran could get a loan up to $4000 and have 25 years to pay off a home and 40 if the veteran was trying to purchase a farm. This change not only lowered monthly payments but reflected the current market values of the home.

But another important change was made. The loan was not limited to veterans of World War II. Honorably discharged American veterans that served at least 90 days in any war could apply. This helped to fuel the home construction boom of 1948 and 1949, but still was not enough to help a majority of honorably discharged veterans.

1950

When Congress passed the Housing Act of 1950, Public Law 81-475, many major changes were enacted on the VA loan program. The VA now had the power to set the terms and fees for banks issuing home loans to veterans, but the VA could now provide loans directly to a veteran. Veterans who had a combination loan, a VA and a Federal Housing Authority or FHA loan, were able to get their interest rates lowered substantially. The VA could also now require that homes be built to certain specific standards so that the veteran would not get cheated by a contractor.

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